Recent trends in Ethereum (ETH) indicate significant recovery after a prolonged decline, garnering attention from traders and analysts.
Market Data and ETH Prices
Between May 8 and May 9, ETH experienced a 29% rise, breaking a 10-week bear market that hit a low of $1,385 on April 9. Currently, ETH is trading at $2,421, up 3.12% in the last 24 hours and 32.12% over the past seven days.
Technical Analysis and Traders' Expectations
According to Trading View, if the bullish momentum continues, ETH could test its first resistance at $3,947, followed by the second at $4,420.8. If the trend reverses, the asset may drop to its first support level of $2,413.4.
Community Sentiment and its Market Impact
Community sentiment data from CoinMarketCap reveals that 80% of traders are expecting short-term gains, and the market remains bullish. Short-term metrics like EMA10 stand at $2,046.4, with CoinGlass reporting a liquidation of $126.48 million in the past 24 hours.
In summary, despite previous underperformance, ETH is showing signs of recovery, stimulating trader interest and creating hopes for continued growth.
